UTS ACES Pitch and Build Startups - a guide for Project Pitch weekend!
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Transcript of UTS ACES Pitch and Build Startups - a guide for Project Pitch weekend!
ACES UTS Workshop #2
10th September 2014
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A survey of 3,200 startups proved:
• 74% of businesses that failed did so due to premature scaling
• 60% of inconsistent (premature scaling) startups focus on validating a product
• 80% of consistent (controlled scaling) startups focus on discovering a problem
space
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If we build it, they will come
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If we build it, they will come
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“A startup is a human institution
designed to deliver a new product or service
under conditions of extreme uncertainty”
- Eric Ries
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2.5% 13.5% 34% 16%34%
Early Adopers
InnovatorsEarly
MajorityLate
MajorityLaggards
Customer Discovery
Customer Validation
Customer Creation
Company Building
STARTUP GROWTH SCALE MATURITY
Search for Problem & Solution Fit
Search for Product & Market Fit
Market Disrupted
DECLINE
Transition
Find these customers
Rogers Innovation Adoption Curve
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VALUE PROPOSITION CANVAS
DanielRingrose
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Experiments help you find the evidence you need to win Project Pitch:
1. Customer Interviews
2. Solution Pitch
3. Pitching your MVP
4. Concierge customer transactions
5. Pitch the judges
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Startup Founders
TechPartners
UX Partners
TECHNICAL LEAD
a.k.a. Hacker
EXPERIENCE LEAD
a.k.a. Hipster
Startup Team Structure
Domain Experts
BUSINESS LEAD
a.k.a. Hustler
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Your idea hypothesis:
1. Most likely Customer
2. Their Biggest Problem
3. Solution (experiment 2+)
4. Riskiest Assumption
5. Success Result e.g. 5/20
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• Stick to your results decision
• Learn from customers stories
• How big is the pain?
• How have they fixed it?
Form your next experiment!
Go out again and keep trying!
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Keep interviewing until:
• You proven a customer niche
• You’ve found a big problem
Then, start talking with a target
customer about your solution…
Listen to what they say next!
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The Quick Pitch Structure
My company {xxx co. name},
is developing {e.g. an app, site}
to help {define customer(s)}
{state problems you solve}, with
{your secret sauce}
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• If their reaction to your solution
is lukewarm, it’s time to PIVOT
• If they go crazy about your
idea, PERSEVERE and ask
how they will use it.
Will they buy it on the spot?
Form your next experiment!
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Mockup / Prototype Landing Page Video Pitch
• Create a ‘Minimum Viable Product’ and sell it to customers… really early!
• Test where you find your customers. Use results to form new experiments
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Fake it till you make it!
• Learn about jobs-to-be-done and
deliver your offer manually
• Don’t start coding until you know
which features customers find
most valuable
• Measure it through experiments!
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1. Only start on solutions once you really understand a customers needs
2. Family and friends like you too much to say your idea sucks
3. Avoid any technical jargon. Talk in customer’s language so they get it
4. Don’t be scared to fail. A bruised ego is better than a dead-end startup
5. Have fun! You and your team should enjoy the journey
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1. Your startup: first, elevator pitch (30s), then how your idea works (30s)
2. Market size: how much money, how many people affected – stats! (30s)
3. Competitors: Who is already doing this, and why you’re unique (30s)
4. Status and Traction: What you’ve done, how many customers you’ve
got, how much money you’ve made, and what you will do next (1m)
5. Ask (optional): Do you need advisors, team skills, partner intro’s? (30s)
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1. Be calm, confident and clear. Nominate a pitch lead. Practice lots!
2. Keep your slides simple. Avoid small text and animations that distract
3. Comparisons are good – e.g. we’re AirBnB for dog minding
4. Don’t bullshit the judges. If you don’t know yet, say how you’ll find out
5. Don’t read your pitch or lose connection with the room.
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